Insights

Accounting Software

In a bid to support small and medium enterprises with a turnover less than INR 1.5 Cr, the Goods and Services Network (GSTN) has announced free accounting and billing software.

In 2013, GSTN was formed as a non-government private limited company with stakes from the Government of India, all states of the Indian Union and non-government financial institutions.

The free GST accounting and billing software is available to the active taxpayers, SEZ Developers/SEZ Units and taxpayers who have opted for composition scheme under the Goods and Services Tax (GST) regime.

Amongst multiple evaluations of 43 entries, the GSTN has fixated on these eight software providers to enable the plan. One of them is GenieBooks – A seamless cloud Accounting Software. It is available as a cloud-based version as well as a downloadable version that can be installed on desktop or laptop. This software allows a taxpayer to run his daily business by providing day to day billing and accounting features, along with facility for return filing for their GST related compliances.

Accounting Software

The GST Council had in January approved the proposal of providing free accounting and billing software to small assessees up to Rs 1.5 crore turnover.

Ashish Jain CEO, Naapbooks, said, “We always believe that technology should be available for businesses of all nature and sizes. This unique partnership of Accounting Softwares with GSTN and the Government of India will help businesses take benefit of cutting-edge technology and it will improve the business by automating the GST and other compliance needs”

The software providers offer basic features like sale/ purchase/ cash ledger, inventory management, supplier/ customer masters, generation of invoices, preparation of GST returns for free, while for services like additional feature like bank reconciliation, account receivable would be chargeable.

The software would be available free of cost to eligible taxpayers till March 31, 2021 or till the taxpayer’s annual turnover remains under INR 1.5 Cr in a financial year, after which the taxpayer may have to pay a fee to the vendor. The facility is expected to support 80 lakh SMEs.